In October, the European Securities and Markets Authority (ESMA)
released its 2018 enforcement priorities for listed
entities. They mainly focus on IFRS 9 and IFRS 15, which are
effective from 1 January 2018, as well as on IFRS 16, which goes
live in about a month, on 1 January 2019.
Why are these priorities important in Luxembourg? Well, anyone
who looks into a crystal ball will see the CSSF issuing its own
enforcement priorities soon, and history has taught us that these
will be the same as ESMA's, with probably a few additional
ones. Thus, the CSSF will be the one monitoring and supervising
ESMA's IFRS requirements, and issuers subject to the
transparency law in Luxembourg obviously must pay attention to the
CSSF. Even non-listed issuers should take note, since ESMA's
IFRS requirements are deemed relevant at a European level.
